Competitive Research Template

A complete competitive research template includes the following information for ALL your competitors:
 

Business Audit

• USPs (Unique Selling Points)

• Price Range

• Features (Applicable for Tech or SaaS products)

• Ratings & Reviews

• What do they do well?

• What do they NOT do well?

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Social Media Audit

• Number of Followers/Subscribers versus competitors

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SEO Audit

• Estimated Traffic

• Number of Backlinks

• Referring Domains

• Domain Authority

• Brainstorm Product or Service Enhancements: Identify areas where your competitors' offerings excel and use that information to improve your own products or services. Adjust features, quality, or pricing to better meet customer needs.​

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• Define Marketing Strategies: Analyze your competitors' marketing tactics, including advertising, social media, content marketing, and promotions. Use this information to refine your own marketing approach and find unique ways to reach your target audience.​

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• Update Pricing and Value Proposition: Understand how your competitors price their products or services compared to yours. Determine if you can offer a better value proposition or find ways to justify higher pricing based on unique features or benefits.​

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• Define Market Positioning: Assess how your competitors position themselves in the market and identify gaps or opportunities. Use this insight to differentiate your brand and establish a clear and compelling market position.​

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• Decide on Target Audience and Market Segmentation: Analyze your competitors' target audience and market segments to refine your own targeting strategy. Identify underserved customer segments that you can cater to effectively.

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• Understand Competitive Advantages: Identify your competitors' strengths and weaknesses, and use that knowledge to highlight your own competitive advantages. Emphasize what sets you apart from the competition in your marketing and communications.

Here are 10 ways to identify your competitors:
 

1. Online Search: Conduct a simple online search using relevant keywords related to your business, product, or service. Look for companies offering similar products or services in your geographical area.
    

2. Industry Directories: Explore industry-specific directories, trade associations, or business listings that often feature competitors operating within your niche.
    

3. Customer Surveys: Survey your existing customers to understand which other brands or companies they consider when making purchase decisions in your industry.
    

4. Social Media Listening: Monitor social media platforms to identify brands that are engaging with your target audience and offering similar products or services.
    

5. Google Alerts: Set up Google Alerts for industry-related keywords and product names to receive notifications when new competitors or mentions appear.
    

6. Attend Industry Events: Participate in trade shows, conferences, or industry events where you can connect with other businesses in your sector.
    

7. Analyze Paid Ads: Pay attention to online ads, including Google Ads and social media ads, as they often indicate which companies are targeting similar audiences.
    

8. Online Marketplaces: If you sell products online, explore popular e-commerce marketplaces like Amazon or eBay to see who else is offering similar products.
    

9. Keyword Research: Use keyword research tools to discover which companies are competing for the same search terms in search engine results.
    

10. Local Search: If you have a physical location, search local directories and Google Maps to find nearby competitors.